Belfast Telegraph

AIB commits €60m for 298 Dublin flats

By Ronald Quinlan

Allied Irish Banks (AIB) has committed €60m (£51.4m) in working capital towards the construction of 298 apartments in the Republic.

Dublin Landings is the one million sq ft mixed-use scheme developer Sean Mulryan's Ballymore is delivering in partnership with Oxley in the Dublin Docklands.

While the apartments in Blocks B and E are expected to be completed by the third quarter of 2020, the sale of 268 of the units has already been agreed with US property giant, Greystar, for a figure of €175.5m (£150m).

In 2017, AIB's real estate finance team provided another working capital facility of €60m (£51.4m) for the development of Block D at Dublin Landings. Comprising 239,000 sq ft of office space, the building has been fully sold with repayment of the loan facility in 2018.

AIB's real estate finance team said they had "worked very closely with Ballymore and Oxley to close both deals, resulting in the development being ahead of schedule in terms of completion".

Belfast Telegraph